Russian Authorities Agree To Regulate Cryptocurrency Market

October 11, 2017 2:13 pm Published by

The TASS news agency, quoting Russian Finance Minister Anton Siluanov, reported Wednesday Russian authorities have agreed to regulate the cryptocurrency market, Reuters reported.

One day after President Vladimir Putin discussed the issue with Siluanov, Central Bank Governor Elvira Nabiullina, presidential economic aide Andrey Belousov and Sergei Solonin, the head of online payment company Qiwi, the finance minister made his comments.

On Tuesday, Putin said cryptocurrencies were risky and used for crime, the report said. Russia’s central bank has said it would block websites selling bitcoin and its rivals to households.

“The president has spoken of the problems related to cryptocurrencies. These are difficulties regarding … money laundering and cases that are related to identification issues,” TASS quoted Siluanov as saying.

“That’s why we have agreed that the state should regulate the issuing of cryptocurrencies, their mining and turnover. The state should take all this under control,” Siluanov said.

Siluanov has previously called for the virtual currencies market to be regulated, Reuters reported. Siluanov, however, has not elaborated yet on how his ministry sees regulation of the cryptocurrencies market.

Bitcoin, the most well-known virtual currency that emerged in mid-2010, is increasingly popular worldwide, the report said. In Russia, it promises substantial profits.

One bitcoin last traded at around $4,811, up from its initial price of less than $1, the report said., Jack Durschlag

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